© Dukascopy Bank SA
"The dollar will probably struggle a little bit at least until after the Fed meeting next week."
- National Australia Bank (based on Bloomberg)
Pair's Outlook
USD/CHF failed to gain a foothold above 0.9450—it has already nullified the progress made during the last two days of the previous week. The currency pair is likely to find support at 0.9370 (weekly S1 and 55-day SMA), but we cannot rule out a deeper dive, down to the 38.2% Fibo of the May-Oct advancement. Nevertheless, a sell-off from this year's high is still considered to be a correction rather than a reversal of the broad USD strengthening.
Traders' Sentiment
The SWFX market is largely optimistic regarding the perspectives of USD/CHF—as many as 64% of traders are holding long positions at the moment. As for the commands, right now there is no real difference between the buy (52%) and sell (48%) ones.
© Dukascopy Bank SA